OIL

* Texaco Inc. and Atlantic Richfield Oil Co. agreed to develop China’s second-largest offshore oil field, which is expected to hold more than 1 million barrels of oil, with the China National Offshore Oil Corp. Production should start by mid-2001, and reach a level of 60,000 barrels a day in 2002. Texaco and Arco each have a 24.5% interest in the venture.